POTAC LLC (Pin Oak) has announced today the execution of a 10-year exclusive use agreement for Suezmax vessels at Public Oil Dock 14 with the Port of Corpus Christi, Texas, US, including extension options, exercisable by the Company, which could extend the agreement for up to an additional 10 years.

In addition to Suezmax vessels, Pin Oak will be able to load / unload Aframax, Panamax, and other smaller vessels and barges. This agreement follows the commencement of construction on Pin Oak's nine pipelines crossing under the Corpus Christi Ship Channel, eight of which will connect to Public Oil Dock 14. The dock is designed to load product at a minimum rate of 40 000 bph, and it will include three 12 in. diameter purpose-built loading arms to load crude oil onto Suezmax vessels.

Pin Oak currently has contracted over 2 million bbls of crude oil storage supported by long-term third-party contracts, with the ability to expand its capacity on an as-needed basis. In addition to the crude oil storage and export capabilities, Pin Oak currently operates multiple pipeline connections to nearby refineries, nearly 1 million bbls of existing storage capacity, a vacuum distillation unit, a polymer modified asphalt plant, rail loading and unloading facilities, and a truck rack.

Pin Oak is a partnership between Dauphine Midstream LLC and Mercuria Energy Group Ltd. Dauphine and Mercuria, through their partnership, also built and recently sold Pin Oak Terminals LLC, a marine liquid bulk terminal with approximately 4 million bbls of contracted storage capacity in Mt. Airy, Louisiana, US.